- News>
- Finance & Markets
SC asks Dalal and Narottam to surrender first, then appeal
New Delhi, Feb 28: The Supreme Court today told convicted stock brokers Hiten Dalal and A D Narottam that their appeals against conviction would be heard only after they surrender before the authorities.
New Delhi, Feb 28: The Supreme Court today told convicted stock brokers Hiten Dalal and A D Narottam that their appeals against conviction would be heard only after they surrender before the authorities.
A bench comprising justice m b shah and Justice Arun
Kumar told this to counsel for the petitioners Uday Umesh
Lalit when the special leave petitions challenging the special
court's January 31 order of conviction came up for hearing.
The counsel sought a week's time to do the needful.
A special court in Mumbai had convicted Dalal, Narottam and bank officials S S Raje and Anil Narichania on charges of defrauding Canbank Mutual Fund to the tune of Rs 103 crores and had sentenced them to seven years' rigorous imprisonment.
The designated judge, Justice A B Palkar, had also slapped a fine of Rs 30,000 each on all the accused. However, he had given them a reprieve of four weeks to appeal against the verdict in the Supreme Court.
On May 27, 1991, Bank of Karad sold two securities -- GOI 2008 (face value Rs 58.39 crore) and GOI 2009 (face value Rs 44.58 crore) -- to Canbank Mutual Fund. These transactions were entered into by the banks when they did not have the securities. Both special general ledger (SGL) forms returned bounced by reserve bank of India (RBI).
CBI had alleged that Narichania, in connivance with Dalal, had traded with Citi Bank and standard chartered bank using the bounced SGL.
Later, standard chartered bank filed a suit against Canbank Mutual Fund which was decreed in their favour and wrongful loss was thus caused to Canbank Mutual Fund.
Bureau Report
A special court in Mumbai had convicted Dalal, Narottam and bank officials S S Raje and Anil Narichania on charges of defrauding Canbank Mutual Fund to the tune of Rs 103 crores and had sentenced them to seven years' rigorous imprisonment.
The designated judge, Justice A B Palkar, had also slapped a fine of Rs 30,000 each on all the accused. However, he had given them a reprieve of four weeks to appeal against the verdict in the Supreme Court.
On May 27, 1991, Bank of Karad sold two securities -- GOI 2008 (face value Rs 58.39 crore) and GOI 2009 (face value Rs 44.58 crore) -- to Canbank Mutual Fund. These transactions were entered into by the banks when they did not have the securities. Both special general ledger (SGL) forms returned bounced by reserve bank of India (RBI).
CBI had alleged that Narichania, in connivance with Dalal, had traded with Citi Bank and standard chartered bank using the bounced SGL.
Later, standard chartered bank filed a suit against Canbank Mutual Fund which was decreed in their favour and wrongful loss was thus caused to Canbank Mutual Fund.
Bureau Report